Veeam, which sells software that does backup and replication of data in virtual environments, is looking to branch out into new markets as part of its newly revealed goal of becoming a $1 billion company within the next five years.

That's an ambitious target for a company that's on track for around $250 million in revenue and 55 percent growth this year, and which grew 62 percent last year, Ratmir Timashev, Veeam president and CEO, told CRN Thursday.

To hit the $1 billion mark, Veeam would need to grow at an average rate of about 40 percent, Timashev said in an interview.

Veeam's flagship software handles backup and replication for virtual servers, and a big part of the company's success is that it works in both VMware and Microsoft Hyper-V environments. In an update released in May, Veeam added WAN acceleration and support for HP storage to the mix.

Adding support for Citrix virtual servers could be another way to expand its addressable market, but despite interest from customers, Veeam hasn't shown any indication it plans to go this route.

Still, as the physical backup market shrinks, and more workloads get virtualized, Veeam is feeling good about where it's sitting. Timashev estimates that Veeam currently has about 20 percent of the overall VMware backup market.

But to hit that $1 billion target, Veeam will have to diversify its offerings beyond data protection. So, Veeam is bringing in Insight Venture Partners as a partner and minority shareholder, and Michael Triplett, the firm's managing director, is joining Veeam's board of directors.

Insight Venture Partners, based in New York City, has deep experience in systems management and virtualization management and was an early investor in Veeam competitors Acronis and PHD Virtual, as well as Quest Software and SolarWinds.

Bringing in Insight Venture Partners, Timashev told CRN, could help Veeam expand beyond data protection to a broader data management approach that may eventually include elements like analysis and data reduction.

Timashev is quick to note that this isn't a venture capital deal -- Veeam is well past that stage -- but more a strategic partnership aimed at helping Veeam take its business to the next level.

"We do need help in expanding into adjacent markets, and that's what they're going to be helping us with," Timashev said of Insight Venture Partners.

While an IPO could make sense at some point, Timashev told CRN the company doesn't plan to go this route within the next three years.